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MrYenko posted:Got pre approved for a mortgage today. The amount of money they're willing to lend to an obviously-untrustworthy goon is staggering. Yeah, run from this guy. This is the basic info that should be disclosed right away and on which you should be making your decisions. Edit: if you're not sure about what's legal and illegal, hire a conveyancer. steady fucked around with this message at 10:03 on Aug 20, 2016 |
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Aug 20, 2016 09:59
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MrYenko posted:Got pre approved for a mortgage today. The amount of money they're willing to lend to an obviously-untrustworthy goon is staggering. I could have made this exact post a few months ago. I still couldn't tell you if the "mistakes" made by are mortgage broker and escrow company were truly mistakes or were them trying to use a lack of concrete information to allow their sales skills to sell us on going with them. Our mortgage broker "needed" us to commit based on an estimate that explicitly said not to use it to compare mortgages and gave us no end of grief for asking for what they were legally required to give us. In the end the pressure to meet the deadline for closing made us go with them, but I wish I'd gone with our other option (USAA).
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Aug 20, 2016 16:49
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Please talk to your local credit union in addition to whatever bank/mortgage broker you currently use or your dad told you to use, they offer better rates and service in more places than not.
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Aug 20, 2016 21:07
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Sub Par posted:I am under contract for a house, we close in October. I'm a first time homebuyer. The inspection is done and things look good, some minor repairs and stuff but nothing crazy. We're currently waiting on appraisal. In the meantime, I'm shopping for homeowners insurance which I know very little about. Any tips about how to shop (should I check out brokers or get quotes on my own?) or what kind of coverage to look for? We don't live in a flood zone and we won't be getting earthquake insurance. Any advice or "man I wish I had known X..." would be appreciated. Thanks! Also keep in mind you usually get a decent discount with an insurance company for having multiple policies... so instead of just shopping for homeowners insurance, shop for both homeowners + auto.
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Aug 20, 2016 21:50
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BeastOfExmoor posted:I could have made this exact post a few months ago. I still couldn't tell you if the "mistakes" made by are mortgage broker and escrow company were truly mistakes or were them trying to use a lack of concrete information to allow their sales skills to sell us on going with them. Our mortgage broker "needed" us to commit based on an estimate that explicitly said not to use it to compare mortgages and gave us no end of grief for asking for what they were legally required to give us. In the end the pressure to meet the deadline for closing made us go with them, but I wish I'd gone with our other option (USAA). USAA by what I hear is a poo poo lender. They're also not the same USAA you may bank with, if I remember it's one or more partnered lenders (I think one is Atlantic or something like that) either way they are hardly the go-to choice. Same with Veterans United. I started with them and got the pre-approval, however once I went under contract and started shopping things went south. First the guy immediately wanted to hand it off to another worker- and this is before I asked for the GFE. He also assumed I was going to goose them even though I told him long before I would be shopping around. I ended up bailing from that contract and am under another, and have a better company with a better rate and origin fee. That being said many people swear by VU and so experiences may vary. That being said I have never seen a good review of USAA for a lender. Also, if any were wondering- when breaking a contract for contingency. It can take a couple weeks to get your earnest back. Just keep that in mind if you're tossing 1k or more towards a deposit.
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Aug 20, 2016 22:17
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MrYenko posted:Got pre approved for a mortgage today. The amount of money they're willing to lend to an obviously-untrustworthy goon is staggering. Counterpoint: Pre-approval means gently caress all. That's just them saying that based on your income you might qualify for $XXXX
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Aug 21, 2016 13:23
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Pryor on Fire posted:Please talk to your local credit union in addition to whatever bank/mortgage broker you currently use or your dad told you to use, they offer better rates and service in more places than not. Also make a folder on your computer with scans of everything you ever send them so you don't have to spend time finding the thing you already sent them to send it again.
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Aug 21, 2016 19:02
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Zillow mortgage is great for comparing lenders. You just have to check at the estimates carefully because not all lenders compare apples to apples, for example whether title insurance is in their zillow estimated closing costs on.
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Aug 22, 2016 18:09
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Dik Hz posted:Counterpoint: Pre-approval means gently caress all. That's just them saying that based on your income you might qualify for $XXXX A pre approval is a hard hit on your credit. It's much more involved than just your income.
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Aug 23, 2016 02:48
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Question on locking in rate for 30yr conventional, 10% down. I can lock 45-day, which will bring me to closing, at 3.5% w/ $1k loan credit. 30 day is 3.375% no credit, and would expire like 4 days before closing. Loan officer says to wait for 30 day window (next week). I get locking for 30 days right now, only to have to relock in a month makes no sense, but I'm seeing a lot of bank sites quote 3.5%+ and think I may want to take the $1k before Fridays potential announcement? I feel like my loan officer would want me in as high a rate as possible...does he actually have any incentive to get me in a low rate? I can't see how other than "be a nice guy". Am I worrying too much about the upcoming Fed meeting? Crazyweasel fucked around with this message at 03:33 on Aug 23, 2016 |
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Aug 23, 2016 03:28
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My wife and I are in a strange deal going on. First time home buyer and first experience going into escrow. So after a great inspection with really no major fixes there was around over 1K in repairs and looking into comps. Then our appraisal came in. Our bid is over 11.5k the value of the house. Currently right now we are going into a rebuttal over the appraisal because both agents wanted a firm statement over the house. At that point if there is no real change on what the appraisal is we will have to go into a steal cage and one person will come out victorious. So is there any tips onto how to proceed on this?
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Aug 23, 2016 07:08
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pantsofwar posted:My wife and I are in a strange deal going on. First time home buyer and first experience going into escrow. Depends on how much you want the house. There are usually financing contingencies in your contract, meaning you can back out/renegotiate if financing falls through. (If not, fire your agent) In my very limited experience, appraisals really shouldn't fall short unless you're in a down market or if there is something wrong with the home. If the appraisal fell short, the appraiser couldn't find any reasonably comparable homes within a few miles of your location and the bank probably wouldn't want to finance the full offered amount. You really have three options at this point; offer cash up front to bridge the gap between selling price and the appraisal, negotiate a lower price, or walk away. I guess a fourth option would be to find another appraiser, but that could easily be a few hundred down the drain for the same result. I'd recommend offering down to the appraisal price on the assumption that further offers would yield the same appraisal value. If you walk, you should get back your earnest money if your contract had a financing contingency.
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Aug 23, 2016 07:39
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Magicaljesus posted:Depends on how much you want the house. There are usually financing contingencies in your contract, meaning you can back out/renegotiate if financing falls through. (If not, fire your agent) In my very limited experience, appraisals really shouldn't fall short unless you're in a down market or if there is something wrong with the home. If the appraisal fell short, the appraiser couldn't find any reasonably comparable homes within a few miles of your location and the bank probably wouldn't want to finance the full offered amount. You really have three options at this point; offer cash up front to bridge the gap between selling price and the appraisal, negotiate a lower price, or walk away. I guess a fourth option would be to find another appraiser, but that could easily be a few hundred down the drain for the same result. I'd recommend offering down to the appraisal price on the assumption that further offers would yield the same appraisal value. If you walk, you should get back your earnest money if your contract had a financing contingency. Mortgage processor here -- I see low appraisals every week. The listing agent/buyers may simply have overshot the value of their home. You can't get another appraiser/appraisal without going to another lender. Try looking for additional comps and submitting them for reconsideration of value. But if there are none better, or the value doesn't get bumped up with the submitted comps, then the value is the value. In that case, offer down to the appraisal price and let the sellers choose to either come down to your number or walk away.
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Aug 23, 2016 10:58
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So I pinged my insurance agent a couple weeks after closing asking hey, I haven't heard anything about the homeowners insurance yet? That seems bad?? And the next day he says oh yeah everything's cool by the way here's an application with mostly incorrect information pre-filled for your convenience please return it within a week. I wonder how long it would have taken someone to notice that if I hadn't spoken up.
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Aug 23, 2016 13:50
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Crazyweasel posted:Question on locking in rate for 30yr conventional, 10% down. A rate lock that expires before closing is worthless. Many lenders offer 45-60 day locks, I ended up waiting until closer to the big day to lock but good luck guessing on rates. Those would be bad terms for my market, and you're correct that the originator doesn't have your best interest in mind. For a refi I just got an internet quote for 3.25% with a small lender credit ($800 on $290k mtg) and I am also below 80%LTV. Check zillow mortgage or mortgage professor and if you want to stay with this guy, tell him what he has to match. Make sure all costs are estimated such as cost of title insurance and closing agents. You can't predict the future with interest rates. But you should be able to apply to an internet lender and lock your rate before Friday if you're worried about it. If the current guy is local he will almost definitely try to scare you and say that all internet lenders are awful, slow, whatever. Ignore him, he wants his kickback for getting you to take a sucker rate. That being said, always read Zillow and Google reviews before you decide on a lender.
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Aug 23, 2016 14:04
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Please also understand there is going to be a difference between rate quotes for 80% LTV and above 80% LTV, even with added PMI. Most everything Antiga said after "rate locks expiring before closing are worthless" is YMMV at best. Brokers/Loan officers are no longer allowed to be paid in the Yield Spread Premium due to changes in the law post mortgage meltdown, so he is not getting additional money based on the rate you take.
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Aug 23, 2016 15:38
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Magicaljesus posted:Depends on how much you want the house. There are usually financing contingencies in your contract, meaning you can back out/renegotiate if financing falls through. (If not, fire your agent) In my very limited experience, appraisals really shouldn't fall short unless you're in a down market or if there is something wrong with the home. If the appraisal fell short, the appraiser couldn't find any reasonably comparable homes within a few miles of your location and the bank probably wouldn't want to finance the full offered amount. You really have three options at this point; offer cash up front to bridge the gap between selling price and the appraisal, negotiate a lower price, or walk away. I guess a fourth option would be to find another appraiser, but that could easily be a few hundred down the drain for the same result. I'd recommend offering down to the appraisal price on the assumption that further offers would yield the same appraisal value. If you walk, you should get back your earnest money if your contract had a financing contingency. Thank's for the response. Right now I think both agents want to meet somewhere in the middle of the road. I do not like that because that's just pulling money out of my wallet because the house is selling as is and it's well kept. I will need to find out if I have a financing contingency on the contract. Possible there is none with my luck. Every day that ticks by the deal is getting to a boiling point. Edit: I do have one it's in 17 days I can pull out with the down payment. Too bad the money spent of inspection etc.. are for waste if the deal goes south and someone else can pick it up with ease. pantsofwar fucked around with this message at 16:21 on Aug 23, 2016 |
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Aug 23, 2016 16:03
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pantsofwar, you are in a very strong negotiating position. If you offer to change the sale price to the appraised value and they decline, they will have to take their chances with a new appraisal down the road with a new buyer. It will be advantageous to them to accept your new, lower offer (devil they know vs the one they don't). If you're worried about them you could try to throw them a bone with a longer closing, later move out, remove your request for $1k in repairs, or whatever. Be especially wary of the agents' recommendations here- their #1 priority is to close this deal and they don't really care how.
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Aug 23, 2016 16:45
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gtkor posted:Please also understand there is going to be a difference between rate quotes for 80% LTV and above 80% LTV, even with added PMI. Most everything Antiga said after "rate locks expiring before closing are worthless" is YMMV at best. Cool. It's going to vary with location, just like I said. In my zip, that is not a competitive quote even with LTV>80. I think it was pretty obvious that the commentary on brokers does not apply to everyone, with the point being there's no reason to expect them to always behave in your best interest or be competitive on cost with larger internet based lenders. I'm not knowledgeable about the legal issues with yield spread, but I'm quite sure that a mortgage company makes more by getting you into a mortgage with higher rate and higher closing costs.
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Aug 23, 2016 19:23
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The point is you are stretching and giving some pretty suspect advice. 3.43 was the national average this week and thats with .5 pt at 80% LTV. So while you may be living in the unicorn area that is offering 2.75 or something like that from every lender, you probably aren't. Chances are 3.375 vs 3.5 with a credit are pretty valid terms on a conventional loan, there is no need to suggest otherwise to someone. It is also worth noting that while a lender is going to make more money from Fannie/Freddie/Ginnie at a higher rate, there are limitations in place. The average loan officer you speak with is not going to know the behind the scenes pricing margins between 1/8ths of interest rates and they certainly are not going to be paid based on the rate a consumer selects. Origination and other 3rd party costs are valid to shop as those can vary from lender to lender and will be shown on TRID docs.
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Aug 23, 2016 20:04
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gtkor posted:Brokers/Loan officers are no longer allowed to be paid in the Yield Spread Premium due to changes in the law post mortgage meltdown, so he is not getting additional money based on the rate you take. I'm pretty sure it's still there, they made some changes so brokers can't make a point on the front end (origination fee) and more points on the back (what used to be YSP), now broker compensation has to be borrower paid or lender paid, it can't be both. There are also limits to the YSP/"lender credit" now on what a broker can make, but to the best of my knowledge there is still incentive for mortgage brokers to get folks to take a 3.5% rate that pays 4.3% on the back end over a 3.25% rate paying 3.4% on the back end. If there wasn't the entire industry would collapse. Rates are stupid low right now. I poked around some wholesale ratesheets just now, saw a 30year FHA fexed at 3.00% that still paid 1.6% on the back end. that's before adjustments and all, but drat. Maybe things have changed a lot, I haven't kept up with the mortgage industry rules. My mom used to be a broker before the bust and the poo poo she got away with still bothers me today. Refinancing "friends" loans while making 6 points on the deal isn't friendship to me. skipdogg fucked around with this message at 20:08 on Aug 23, 2016 |
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Aug 23, 2016 20:05
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skipdogg posted:I'm pretty sure it's still there, they made some changes so brokers can't make a point on the front end (origination fee) and more points on the back (what used to be YSP), now broker compensation has to be borrower paid or lender paid, it can't be both. Correct. What I am trying to get at is there is not going to be some backroom full of smoke where some supervisor pulls a loan officer into a backroom and tells them to offer the 3.5 instead of the 3.375. The loan officer cannot pocket the extra points, which they used to (which led to the whole refi your friends at 6 points phenomon). The bank will still make more on a higher rate than a lower rate, but there are going to be limitations on this as well. I guess what I am trying to get at is that if you are comparing offers now in a regulated market, there is far less "pay no attention to the man behind the curtain" going on. TRID docs are going to pretty clearly spell out what you are getting, and in the specific instance we are referring to, the guy choosing between 3.375 and 3.5 is not getting sold up the river if they end up taking 3.5 at less than 80% ltv with a credit. Not that it should prevent them from continuing to shop if they so choose.
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Aug 23, 2016 20:16
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OhDearGodNo posted:A pre approval is a hard hit on your credit. It's much more involved than just your income.
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Aug 23, 2016 23:37
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Magicaljesus posted:In my very limited experience, appraisals really shouldn't fall short unless you're in a down market or if there is something wrong with the home. If the appraisal fell short, the appraiser couldn't find any reasonably comparable homes within a few miles of your location and the bank probably wouldn't want to finance the full offered amount.
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Aug 23, 2016 23:40
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Dik Hz posted:Some lenders hedge risk by intentionally using appraisers that appraise low. This can be a little bit tougher to do with Appraisal Management Companies involved. VA appraisals are a bit of a different animal, but there are a fair number of lenders who use a third party as an intermediary with appraisal reports. This isn't actually a requirement as Dodd-Frank really just says you cannot influence the appraiser, but some lenders have taken that to mean that someone else handles the communication and the assignments. In situations like that, the appraisal management company is just trying to find someone who will take the assignment on, which in some markets can take a while. One AMC that works with us, couldn't find an appraiser to work in Oregon until almost Thanksgiving. While lenders don't want to send off loans to the secondary market that have inflated values, the bigger day to day concern is probably getting an appraisal that will allow them to get to the closing table on time. But this would not really apply to a smaller shop, who is not going to use an AMC, and then comments about risk hedge could be a different story.
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Aug 24, 2016 14:53
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Dik Hz posted:That's odd. All pre-approvals I've seen are soft pulls. I am pretty sure pre approval letters are just the guy asking you what your income is and if you have filed bankruptcy. You don't need a credit report for that. You are probably better off just writing a letter saying you make great pie and will bring one to closing.
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Aug 24, 2016 16:11
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Elephanthead posted:I am pretty sure pre approval letters are just the guy asking you what your income is and if you have filed bankruptcy. You don't need a credit report for that. You are probably better off just writing a letter saying you make great pie and will bring one to closing. That's "Pre-qualify". We had a hard pull for our pre-approval and they wanted paystubs and stuff (though I dunno how much they actually looked at them).
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Aug 24, 2016 16:51
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I'm going to start looking to buy a place in the DC Metro Area and the only places in the location/school systems we like are houses that where built in the 60/70s. While almost all of them have had been redone at some point is there a good list of stuff to look for in such a older house? (Stuff like roof age, aluminum wiring , pipes, etc) that go behind the standard of roof/HVAC/Water heater age.
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Aug 24, 2016 17:20
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Thufir posted:That's "Pre-qualify". We had a hard pull for our pre-approval and they wanted paystubs and stuff (though I dunno how much they actually looked at them). I'm fairly confident you have those backwards; I got preapproved last weekend and did nothing along the lines of sharing pay stubs. It was just a 5 minute phone conversation.
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Aug 24, 2016 18:47
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Steve French posted:I'm fairly confident you have those backwards; I got preapproved last weekend and did nothing along the lines of sharing pay stubs. It was just a 5 minute phone conversation. http://www.realtor.com/advice/finance/pre-qualified-vs-pre-approved-what-mortgage-shoppers-need-to-know/ posted:
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Aug 24, 2016 19:09
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I know my preapprovals showed up as hard pulls because my oh-so-helpful mother called Quicken Loans and got me one when she heard I was thinking about buying a house and it's still on my credit report. I'd call and get it taken off because it was done without my permission but I don't want to send my mother to jail forever for stealing my identity, which is undoubtedly what would happen.
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Aug 24, 2016 19:17
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GameCube posted:I know my preapprovals showed up as hard pulls because my oh-so-helpful mother called Quicken Loans and got me one when she heard I was thinking about buying a house and it's still on my credit report. I'd call and get it taken off because it was done without my permission but I don't want to send my mother to jail forever for stealing my identity, which is undoubtedly what would happen. Why not? That'll learn her.
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Aug 24, 2016 19:19
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Citizen Tayne posted:Why not? That'll learn her. Plus have you seen what nursing homes cost? Prison is free.
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Aug 24, 2016 19:26
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Welp, you're totally right, I was the one that had it backwards. Now I feel silly. On a related note, the preapproval that I got was from someone that contacted me through lending tree (using them seems like possibly a mistake), but the funny part is that the form lending tree had me fill out didn't ask for specific numbers for home price or down payment, just ranges, e.g. 16-20%, 21-30%, etc. I had 21, so I put the latter. Then all of the lenders contacting me thought I had a 30% down payment.
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Aug 24, 2016 21:21
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BexGu posted:I'm going to start looking to buy a place in the DC Metro Area and the only places in the location/school systems we like are houses that where built in the 60/70s. While almost all of them have had been redone at some point is there a good list of stuff to look for in such a older house? (Stuff like roof age, aluminum wiring , pipes, etc) that go behind the standard of roof/HVAC/Water heater age. Piping to mains - "orangeberg" pipes are common from the 50s up to I believe the 60s and many have collapsed requiring total replacements. A number of homes in Shirlington had terracotta pipes that busted requiring $20k+ out of pocket from affected owners Damage to foundations from continuous flooding, particularly Alexandria homes Also consider the same sort of stuff that particularly affects homes with high variance in temperatures like in Chicago / Midwest. Thermal stress over the years is not as bad obviously, but it's not like homes in California or Phoenix, AZ that may never see freezing temperatures for years at a time.
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Aug 25, 2016 02:00
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My wife and I have been casually looking at houses for the past few months and have been planning on seeking mortgage preapproval in Spring '17 so we can buy in Spring/Summer '17. However, an intriguing demo/rebuild opportunity has presented itself and I figured I'd throw it out here to see if anyone had any thoughts, words of wisdom, horror stories, etc. We live in an affordable midwestern college town and are interested in properties within walking/biking distance of the core. These neighborhoods are pretty much built out and mature. However, I recently came across a property for sale that is basically a 650 sqft 1 bedroom shack on the back of the 57'x120' lot. Here's how the listing describes it: quote:One bedroom bungalow in desirable XXXXX Park area, close to XXXXX campus. Short walk to grocery stores, park & restaurants. Nice hardwood floors throughout. House is located on a deep lot with large front porch. Eat-in kitchen, new hot water heater 2013, newer heater, recently remodeled bathroom. Washer/dryer hook-ups, ceiling fans, window AC, electrical rewired with breakers. Over-sized garage with workbench area. Excellent possibility for a first-time buyer. Also, investors welcome, great rental history. The seller appears to be motivated, originally listing at $80K in May '15, subsequently pulling and relisting at $60K in Dec. '15, and chopping down to $45K over the last 8 months. Here's what I'm thinking: I could buy the property with cash. I imagine the lease runs through either June or Aug. '17 (again: college town). I assume the lease but do not renew it, managing the property through the lease termination. Meanwhile, my wife and I contact a builder and start prepping for a demo/rebuild of a house that fits our wants and needs (I'm crushing real hard on this plan right now). When the lease ends, we demo the property (I estimate $6,000 for this) and begin construction on our new home (I estimate $120/sqft). So, all told this comes out to $310K or so. Some more specific questions/thoughts I have:
Thoughts? Ideas? Questions? On the one hand I'm really excited about this possibility, but on the other hand I fully recognize that I'm still in the dreamy phase where I'm probably overplaying the positives and discounting the risks.
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Aug 25, 2016 05:50
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pig slut lisa posted:My wife and I have been casually looking at houses for the past few months and have been planning on seeking mortgage preapproval in Spring '17 so we can buy in Spring/Summer '17. However, an intriguing demo/rebuild opportunity has presented itself and I figured I'd throw it out here to see if anyone had any thoughts, words of wisdom, horror stories, etc. 120 a Sq ft is on the low end for construction costs. Meet with a general contractor to find out what they really charge. One way to find construction companies is to go to the permit office and ask who is good or look at who filed new construction permits. In Ann Arbor new construction is more like 200 and up per square ft and all of the new construction is huge houses so it is hard to compare. You are spending 300k+ on a 220k house. It could cost a million but if every house in the neighborhood is going for 220k that is what they go for. Will you be able to afford to sell if you have to?
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Aug 25, 2016 17:15
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pig slut lisa posted:What is a good way to find a builder who fits our circumstances? A lot of the recent single family home construction in the community has taken place in newer subdivisions on the edge of town, and crasftsmanship appears to vary substantially. This is an infill lot and we'd like a high construction quality. Look for local "green" builders. Building high performance homes requires knowing modern construction techniques and strong attention to detail, so even if you don't care about energy efficiency or greenness, it can find you a high quality builder.
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Aug 25, 2016 17:39
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necrobobsledder posted:Having lived in the DC metro area and owned houses elsewhere, I can provide a partial list of things I'd ask about with my inspector. Lucky this will be outside the beltway (and floodwater areas) so thanks for that information ton consider.
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Aug 25, 2016 17:40
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lampey posted:120 a Sq ft is on the low end for construction costs. Meet with a general contractor to find out what they really charge. One way to find construction companies is to go to the permit office and ask who is good or look at who filed new construction permits. In Ann Arbor new construction is more like 200 and up per square ft and all of the new construction is huge houses so it is hard to compare. Thanks for your response. I'm reasonably certain that $120 is a lot closer to local market conditions than Ann Arbor's $200. That community has a much different supply/demand and regulatory profile than ours. Additionally, I'm pulling that number from a local builder's site where they explain: quote:Let's say you want to build a 2,500 sq. ft. one-story home. This would result in about $120 per sq. ft. This can range $20 in either direction though. A home with a complex roof line or complex building structure would certainly cost more. Adding more square footage would also up the price. Building up instead of out will help keeps costs down. I'm an urban planner with the city, so I have good access to our building safety department and can actually pull up building permits on my work computer. I was planning to get in and do some digging in the more granular numbers. It's tough to find comps though...nearly all the single family construction has been McMansiony stuff in edge-of-town subdivisions. And yes, I definitely intend to talk with more than one GC to start nailing down numbers a little more firmly! lampey posted:You are spending 300k+ on a 220k house. It could cost a million but if every house in the neighborhood is going for 220k that is what they go for. Will you be able to afford to sell if you have to? As for this issue, it's definitely the one I'm most concerned about. It's a really interesting neighborhood, with a fair amount of variation block to block. On this block it would be the most expensive house by a little bit, whereas two blocks away it would fall more in the middle. I could definitely see this being a money loser to some extent upon sale. How much? Definitely need to do more thinking on that. Maybe I'll put an intern on this...my department is doing a long-rage plan that encompasses this area and it may be worth pulling up property value data for that purpose anyway. Zhentar posted:Look for local "green" builders. Building high performance homes requires knowing modern construction techniques and strong attention to detail, so even if you don't care about energy efficiency or greenness, it can find you a high quality builder. That's a good thought, thanks!
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Aug 25, 2016 18:23
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